SHENYANG, China, Sept 14 /PRNewswire-Asia-FirstCall/ -- 3SBio Inc. ("3SBio") (Nasdaq: SSRX), a leading China-based biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products today announced that it has converted C$2.02 million (US$1.92 million) of a US$4.5 million debenture convertible into Isotechnika Pharma Inc. ("Isotechnika") common shares. As a result, Isotechnika issued 13 million common shares at C$0.155 per common share to 3SBio, which represents approximately 9% of the issued and outstanding common shares of Isotechnika. Prior to this conversion, 3SBio owned no common shares of Isotechnika.
The debenture was acquired in conjunction with the strategic partnership with Isotechnika to develop and commercialize voclosporin in China announced on August 24, 2010. 3SBio will continually review its investment alternatives and may convert additional amounts under the debenture into common shares and may purchase additional securities of Isotechnika from time to time in accordance with applicable securities laws.
3SBio has also filed a report with the Canadian regulatory authorities containing additional information (the "Early Warning Report"). A copy of the Early Warning Report will appear with Isotechnika's documents on the SEDAR website, at www.sedar.com and may also be obtained by contacting the persons listed below.
About 3SBio Inc.
3SBio is a leading, fully integrated, profitable biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China. Its focus is on addressing large markets with significant unmet medical needs in nephrology, oncology, supportive cancer care, inflammation and infectious diseases. With headquarters and GMP certified manufacturing facilities in Shenyang, PRC, 3SBio employs over 500 people. Shares trade in the form of American Depositary Shares (ADSs) on the NASDAQ stock market under the ticker symbol "SSRX". 3SBio's address is No. 3 A1, Road 10, Shenyang Economy & Technology Development Zone, Shenyang, China 110027. Please see http://www.3SBio.com for more information.
For more information, please contact: Investor Contacts: Bo Tan Chief Financial Officer 3SBio Inc. Tel: +86-24-2581-1820 Email: ir@3SBio.com Tom Folinsbee Director of Investor Relations 3SBio Inc. Tel: +852-8191-6991 Email: ir@3SBio.com
|SOURCE 3SBio Inc.|
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